16:09 | 25.08.2011
New West Energy Services Inc. Announces Its Year End Results
CALGARY, ALBERTA–(Marketwire – Aug. 25, 2011) – New West Energy Services Inc. (TSX VENTURE:NWE) (the “Corporation”) is pleased to announce the results for the Corporation for its fiscal year ended April 30, 2011.
Revenue for the twelve month period totaled $15,339,882. Net income for the twelve month period totaled $975,552. The comparative numbers for the fiscal year ended April 30, 2010 were $4,830,311 and $596,298 respectively.
The Corporation has two operating entities: New West Drilling Fluids Inc. (“NWDF”), which sells chemicals and provides field engineering services, and BearStone Environmental Solutions Inc. (“BearStone”), established on June 9, 2010, which provides environmental services and operates a fleet of specialized vacuum and water trucks to the upstream oil and gas industry throughout Western Canada. The Corporation, through its two subsidiaries, operates in four segments being corporate, drilling, environmental services and vacuum services. These segments are based on the type of revenue earned.
NWDF has one of the best SAGD drilling fluid systems on the market. This patented system, named BITUDRIL, has proven to be very effective and has been a product of choice for major oil companies in the development of their SAGD oilsands projects. One of the primary benefits of the BITUDRIL system is the conservation of water. The encapsulating nature of the fluid on waste drill cuttings allows for continued re-use of the water in drilling well after well.
BearStone started operations last June with the purchase of several vacuum and water trucks and other assets which included taking over several active contracts and the hiring of key management and field personnel. BearStone has a solid customer base of over 50 clients made up of various oil and gas companies and is currently looking at expanding from its current equipment base in Medicine Hat, Alberta to other areas of the Province.
Management of the Corporation believes that the combination of the two subsidiaries and the integration of their sales, marketing and provisions of services will continue to expand its customer base and grow its revenue and earnings.
The Corporation’s financial statements and its Management Discussion and Analysis can be found on www.sedar.com.
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